📰 Table Of Contents
Binance Announcement
Crypto exchange leader Binance announced on February 19 that it will discontinue support for leveraged trading of six tokens and subscription services.
Leveraged Tokens Affected
According to an X post, these include BTCUP, BTCDOWN, ETHUP, ETHDOWN, BNBUP, and BNBDOWN paired with the USDT stablecoin.
Discontinuance Timeline
Giving a timeframe for the discontinuance, the world’s largest crypto exchange stated that the support will end by February 28 at 06:00 (UTC).
Final Delisting Date
According to an image shared, the final delisting of the affected leveraged tokens will be on April 3, 2024, by 6:00 (UTC).
Reasons for Decision
The Binance exchange has not stated any reasons for the decision. Margin and regular leverage services will still be offered, however.
Leveraged Trading Out, Margin Trading In
Despite the removal of self-leveraged tokens, Binance Futures is ramping up margin-based trade options.
New USDC-Margined ORDI Perpetual Contracts
According to a blog post by the crypto exchange, it will be adding USDC-margined ORDI (Ordinals) Perpetual Contracts to its Futures platform. The service will kick off on February 22, and customers will get a 10% discount trading fee for accessing the service.
Details of ORDI Contracts
Further details shared state that investors will have a 75x maximum leverage ceiling. This means investors can open leveraged positions 75 times higher than their initial capital. The maximum funding rate will be pegged at +2% or -2%. The funding fee settlement will be reassessed on a four-hour interval. The minimum accepted tick size will be set at 0.001 USDC, making it more accessible for retail investors.
ORDI Protocol and NFT Trading
The ORDI blockchain is a subset of the new generation BRC-20 token standards operating on the Bitcoin network. Created by an anonymous developer, it allows data like video, music, audio, and images to be written on individual Satoshis (units of each Bitcoin). This feature enabled the onboarding of non-fungible tokens (NFTs) on the Bitcoin network.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
